General Mills caps another stellar Star 60 earnings quarter

Minnesota-based General Mills Inc., which employs about 700 at a plant in Belvidere, reported a 51 percent increase in year over year net income today.

The company had $3.63 billion in revenue for the quarter and earned $320.2 million, up from the $211.9 million in fourth quarter 2010.

Like many food companies, General Mills, which makes Cheerios, Lucky Charms and other foods, raised prices because of higher ingredient and energy costs. The company was cautious for next year though, saying the price hikes will be unlikely to match increasing expenses.

General Mills expects its costs to rise 10 percent to 11 percent in the next year.

General Mills was the last company on the Register Star's Star 60 stock index to release quarterly earnings and the latest round of reports were stellar.

More companies reported improving bottom lines than those with falling revenues for the seventh straight quarter and more than two-thirds had better net incomes than the same period of the prior year for the fifth straight quarter.

Click here to enlarge the graphic.

The fact that major corporations continue to rake in record profits is ironic because unemployment remains stubbornly high. Companies were quick to cut workers when revenues and profits declined in the Great Recession. They've been much more reluctant to bring workers back on in the recovery.

Click here to enlarge the graphic.

alex gary

Minnesota-based General Mills Inc., which employs about 700 at a plant in Belvidere, reported a 51 percent increase in year over year net income today.

The company had $3.63 billion in revenue for the quarter and earned $320.2 million, up from the $211.9 million in fourth quarter 2010.

Like many food companies, General Mills, which makes Cheerios, Lucky Charms and other foods, raised prices because of higher ingredient and energy costs. The company was cautious for next year though, saying the price hikes will be unlikely to match increasing expenses.

General Mills expects its costs to rise 10 percent to 11 percent in the next year.

General Mills was the last company on the Register Star's Star 60 stock index to release quarterly earnings and the latest round of reports were stellar.

More companies reported improving bottom lines than those with falling revenues for the seventh straight quarter and more than two-thirds had better net incomes than the same period of the prior year for the fifth straight quarter.

Click here to enlarge the graphic.

The fact that major corporations continue to rake in record profits is ironic because unemployment remains stubbornly high. Companies were quick to cut workers when revenues and profits declined in the Great Recession. They've been much more reluctant to bring workers back on in the recovery.